NEWS AND EVENTS

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rental news, blogs and upcoming events  

Stay in the know with all of our latest

rental news, blogs and upcoming events  

Monday, 24 June 2024

Equipment rentals do not require a large upfront capital investment, meaning that companies save a huge chunk of their operating expenses and make it easier to stay within their projected budget. 

That said, rental equipment theft is a significant concern for rental companies across Australia, particularly in the construction and plant industries.

Construction theft, particularly from working sites, is perceived as a major exposure associated with plant sites and is of concern for insurers. According to a survey by the Australian Institute of Criminology, the total maximum loss incurred from theft at a residential building site in Australia is $150,000. From the same survey, 24% of theft victims indicated that they had borne some indirect financial costs resulting from the most recent incident of theft, which included project delays and penalty clauses. 

Many companies that rent equipment adopt the mindset that because the equipment is not theirs to begin with, they do not have to take necessary security precautions to guard these items. Equipment theft can be very costly, and companies that experience these unfortunate events tend to lose more than the cost of the stolen equipment or their insurance deductible. 

Lost equipment may also cause conflicts between various stakeholders, increased costs due to delays, loss of revenue due to damaged reputation, and loss of contracts due to unplanned downtime. Fortunately, with the advent of rental equipment tracking software, rental businesses can now ensure the safety of their rental equipment with enhanced security features and real-time monitoring capabilities. 

Let’s explore four ways this software can help companies prevent rental equipment theft. 

1. Offers real-time monitoring capabilities 

Rental equipment can significantly affect a rental company’s bottom line when they are stolen. They are not only costly to replace but they may also hinder the overall profitability of the business’s operations and impact customer satisfaction levels. By utilising rental equipment tracking software features, there is an added layer of security that helps staff monitor equipment movement in real time, which is efficient in curbing any attempts of stealing rental equipment. 

Rental businesses using this software benefit extensively by gaining a comprehensive overview of their total equipment inventory, allowing them to know the location and condition of each piece of equipment in real time. This enables staff to report anything suspicious or any unauthorised movement of the equipment immediately. 

With immediate access to this critical information, staff members can take proactive measures to prevent theft, such as contacting authorities or mobilising recovery teams. 

2. Sets up customisable alerts 

Traditional security measures are essential, but true theft prevention requires the help of advanced technology. By utilising equipment tracking software, rental businesses can receive customisable alerts that function as an early warning system for potential security breaches. 

Rental businesses can set virtual boundaries and receive instant alerts for unauthorised exits. They can also define operating hours and get notified of after-hours usage, potentially preventing theft attempts. 

Customisable alerts empower rental businesses to respond swiftly to potential theft attempts, which helps minimise downtime and protects a business’s bottom line. 

3. Helps obtain historical data

Even with the best preventive measures in place, equipment theft can still occur. Rental equipment tracking software offers valuable features to assist in equipment recovery and legal processing. The software meticulously logs detailed historical data on every piece of equipment, including its location, usage patterns, and maintenance history. 

In the unfortunate event of theft, historical data becomes a powerful asset. Detailed logs can be used to track the equipment’s movement leading up to the theft, potentially pinpointing its location and aiding recovery efforts. Additionally, this data serves as verifiable proof of ownership, strengthening a rental business’s legal case against perpetrators and facilitating the return of their stolen equipment.

By facilitating real-time monitoring, customisable alerts, and comprehensive historical data, this software equips rental businesses with a robust security system, offering peace of mind and minimising the impact of equipment theft on operations.

4. Facilitates disaster-proof capabilities 

As mentioned previously, equipment tracking software offers a vital layer of defence against theft, and its disaster-proof capabilities further enhance this protection. This software boasts inbuilt disaster recovery facilities and data backups. This ensures business continuity even in the face of unforeseen disruptions, such as fire or power outages at the business’s primary location. 

This uninterrupted access to the equipment tracking system allows businesses to continue operations from a secondary location. During a disaster, the ability to track one’s equipment and raise theft alerts remain unimpeded. This minimises downtime and significantly increases the chances of recovering stolen equipment. 

By ensuring that a business’s system remains operational even in unusual circumstances, disaster-proof equipment tracking software can strengthen a rental business’s overall theft prevention strategy. 

Invest in equipment tracking software to prevent equipment theft 

Rental equipment theft poses a significant threat to businesses, causing financial losses, operational disruptions, and reputational damage. Fortunately, rental equipment tracking software offers a comprehensive solution. By leveraging real-time monitoring, customisable alerts, historical data collection, and disaster-proof capabilities, this software empowers rental companies to take a proactive approach to security.

By investing in rental equipment tracking software, you gain a powerful tool to deter theft, safeguard your valuable assets, and minimise risk. This translates to greater operational efficiency, peace of mind, and ultimately, the continued success of your rental business.


FAQs 

What information can I see through real-time monitoring? 

You can typically see the equipment’s location, movement history, and even its current condition (if equipped with additional sensors). 

What kind of historical data is recorded in a rental equipment tracking system? 

The software typically logs equipment location, usage patterns, and maintenance history. 

Is a rental equipment tracking system expensive? 

Costs can vary depending on the features and the number of tracked items. However, the potential cost savings from theft prevention can outweigh the investment.

Get in touch

To discover how MCS-rm hire software can empower your business, call us on +61 (2) 9477 1355 or use our enquiry form.

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